Ontario Helping To Put Chrysler On Sustainable Footing



    Government Providing Loan Of $1.258 Billion To Help Automaker Restructure

    TORONTO, April 30 /CNW/ -

    NEWS

    Ontario is partnering with the Canadian and American governments to
restructure Chrysler and help it become stronger and more sustainable.
    Ontario's participation will help Ontario families - particularly those
in Windsor, Brampton and in communities throughout Ontario where auto parts
are made - by strengthening the company's competitiveness during this time of
global economic crisis.
    Ontario is contributing loans to Chrysler worth $1.258 billion, which
combined with $2.517 billion from the federal government, brings Canada's
total commitment to Chrysler's restructuring to $3.775 billion.
    This support is proportional to the US $12.08 billion funding package for
Chrysler announced earlier today by President Obama.

    QUOTES

    "The auto sector sustains thousands of current jobs for Ontario families
and supports the pensions of many of our retirees. That's why we're partnering
with the federal and US governments to put the industry on a more sustainable
footing for the long term."
    - Dalton McGuinty, Premier of Ontario

    "We are doing what is necessary to preserve auto jobs in Ontario which
are the source of so much prosperity. People will drive cars for the
foreseeable future and we are taking action to ensure they are made in Ontario
so that everyone can share in the prosperity created by the auto sector."
    - Michael Bryant, Minister of Economic Development

    
    QUICK FACTS

    -   The governments of Canada and Ontario will receive a combined
        two per cent share in a restructured Chrysler LLC, and Canada will
        appoint one of nine board members of the restructured company.

    -   The auto sector in Ontario supports 400,000 jobs.

    -   Ontario builds more cars than any other state or province in
        North America.

    -   Five automakers have assembly plants in Ontario: Chrysler, Ford,
        General Motors, Honda and Toyota.

    LEARN MORE

    Read more about the restructuring deal
(http://webx.newswire.ca/click/?id=dbed00135a8743e).

    -------------------------------------------------------------------------
                                                     ontario.ca/premier-news
                                                      Disponible en français
    




For further information:

For further information: Premier's Media Office: (416) 314-8975

Organization Profile

Office of the Premier of Ontario

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890